LONDON; Oct. 16, 2009 - Accenture (NYSE: ACN) will provide QBE Europe, a subsidiary of QBE Insurance Group, with application development and maintenance (AD/M) services under a five-year agreement. Financial terms were not disclosed.
Under the terms of the agreement, QBE will outsource to Accenture its AD/M activities to help accelerate its current business transformation program, whichis designedto improve service levels to brokers, customers and underwriters, and enhance operational efficiency. Accenture will also provide a change management program to QBE to help accelerate the roll-out of the insurer’s core underwriting systems, improve its underwriting front-end and simplify its IT infrastructure.
“It is critical that we look to shape our business to maximize the opportunities that a rising market will present,” said Steven Burns, CEO QBE European Operations. “Our decision to partner with Accenture will help fulfill our strategic need to rationalize the platforms supporting our underwriting and product delivery and to simplify our legacy IT estate for future growth and acquisitions.”
“Achieving an up-scaled IT capability will be critical to driving continued sustainable and profitable growth for QBE,” said Sushil Saluja, Managing Director of Accenture’s Financial Services group in the U.K. “With more than 20 years of experience in application development and maintenance combined with our deep expertise in the Insurance Industry and more specifically in the Commercial Lines market, we will help QBE increase its IT performance while improving cost management.”
QBE Insurance Group is Standard & Poor’s ‘A+’ rated and is one of the world’s leading international insurers and reinsurers, headquartered in Sydney, Australia. Operating out of 45 countries across the globe, with a presence in all key insurance markets, QBE are lead underwriters within their chosen markets. For the year ended 31 December 2008, the company underwrote gross written premium totalling £6,025 million and held shareholders’ funds of £5,364 million. QBE’s European Operations, which accounts for almost 40% of QBE Group turnover, is a leading specialist in London market and European commercial lines business. Active in both the Lloyd’s and company market, QBE offers considerable diversity to the broking community, via eight product-focused underwriting divisions - casualty, QBE Re Europe, property, motor, marine & energy, specialty, aviation - all operations have the ability to write on both Lloyd’s and company market paper. Its home page is http://www.qbeeurope.com/
Accenture is a global management consulting, technology services and outsourcing company. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. With approximately 177,000 people serving clients in more than 120 countries, the company generated net revenues of US$21.58 billion for the fiscal year ended Aug. 31, 2009. Its home page is www.accenture.com
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